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Deals are all about numbers: enterprise value, debt, return on investment, EBITDA, yield, etc. The CDT this week looks at a few of the deals from last week whose terms were undisclosed but suggest values that could make a week look far better than it does on paper. That, along with the usual summaries of Texas-related deals reported last week — whether they had values attached or not.
Debevoise & Plimpton advised Verizon. Cravath, Swain & Moore advised Frontier. Paul, Weiss, Rifkind, Wharton & Garrison counseled Frontier's strategic review committee.
Jonathan Farrokhnia said in a LinkedIn post that “the new role represents a significant milestone in my career.”
Others are beginning to notice what The Texas Lawbook has been following for some time: that despite the carping of state lawmakers and fossil fuel grumps, renewables are being woven into the fabric of Texas energy — both in its dealmaking and its grid. The analysts at Preqin are the latest to say so out loud. This week's CDT Roundup has their observations along with the usual roster of last week's deals.
An Oklahoma midstream has embarked on another deal spree that will expand its pipeline network and deepen its presence in Texas and Louisiana.
Tulsa-based ONEOK Inc. will purchase Global Infrastructure Partners’ 43 percent stake in Dallas-based EnLink Midstream for $3.3 billion.
Separately, ONEOK is also buying Irving-based Medallion Midstream, the largest privately held crude gathering and transportation system in the Permian Basin, from New York-based GIP for $2.6 billion.
This week we honor a retiring colleague. She created the Corporate Deal Tracker Roundup seven years ago and has been the pulse of it since. But rest assured, the CDT Roundup has the usual rundown of the deals reported to us last week, along with names of the firms and lawyers behind them.
Claire Poole, one of the brightest lights in business journalism, is retiring. Her last day is today. For decades, she has written about dealmaking in Texas and beyond with integrity, talent and grit. But the biggest story she's been involved with may well be her own.
Latham & Watkins, Gibson Dunn, Wachtell and McGuireWoods advised on the $2.8 billion merger-of-equals transaction to create Core Natural Resources. The deal combines mining operations across 11 states aimed at global coal exports of metallurgic grade coal.
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